My question involves estate proceedings in the state of: Florida
My dad and his wife (not my mom) have created a Limited Partnership. They say that it's a Family Limited Partnership, but I can't see documentation of that on the State Div. Of Corporations website.
According to their word, they split 99% of the partnership between me, my 2 brothers, and my dad's wife's daughter ( the 4 limited partners). So we each own 24.75%. Then, my dad and his wife (the general partners) own 1%.
According to the Florida Division of Corporations website, the 2 owners of the Limited Partnership are a revocable trust in my dad's name, and a revocable trust in my dad's wife's name.
I understand that the terms of these trusts are not public record. They are kept on file presumably at their attorney's office after being signed and notarized.
My questions are:
1. What if they get divorced? According to average life expectancy, they will both be alive for another 25-30 years.
2. What if one of the Limited Partners (children) dies before both of the General Partners (parents) do?
3. Can one General Partner change the terms of the Partnership after one of them dies?
My dad and his wife (not my mom) have created a Limited Partnership. They say that it's a Family Limited Partnership, but I can't see documentation of that on the State Div. Of Corporations website.
According to their word, they split 99% of the partnership between me, my 2 brothers, and my dad's wife's daughter ( the 4 limited partners). So we each own 24.75%. Then, my dad and his wife (the general partners) own 1%.
According to the Florida Division of Corporations website, the 2 owners of the Limited Partnership are a revocable trust in my dad's name, and a revocable trust in my dad's wife's name.
I understand that the terms of these trusts are not public record. They are kept on file presumably at their attorney's office after being signed and notarized.
My questions are:
1. What if they get divorced? According to average life expectancy, they will both be alive for another 25-30 years.
2. What if one of the Limited Partners (children) dies before both of the General Partners (parents) do?
3. Can one General Partner change the terms of the Partnership after one of them dies?
Some Questions About a Family Limited Partnership
Aucun commentaire:
Enregistrer un commentaire